Risk Management
Risk Based Integrated Internal Audit™
We specialize in enhancing internal controls, mitigating risks, improving processes, reducing costs, eliminating redundancies, enhancing efficiency, and automating processes.
Tailored Solutions:
Our solutions are tailored to align with your scale, growth objectives, resources, and industry best practices. We conduct thorough root cause analysis, implement system based controls, perform comprehensive risk assessments, and conduct impact analysis to ensure our solutions are effective and efficient.
Proprietary Methodology and Analytics:
We leverage our vast experience to recommend industry best practices and use big data analytics tools to provide data-driven insights. We use a cloud based reporting tool. Our methodology is aligned with industry standards of COSO and IIA standards.
Trusted Partner:
With the trust of over 500 companies in India and globally, we have established ourselves as the preferred choice for internal audit requirements. Our reputation is built on delivering high-quality services that add value to our clients' businesses.
Flexible Engagement Models:
We offer both fully outsourced and co-sourced internal audit models, allowing us to collaborate seamlessly with your existing Internal Audit department when needed. This flexibility ensures that we can tailor our approach to meet your specific needs and requirements.
We have made strategic investments in cutting-edge tools and technology to ensure the delivery of high-quality services. Our in-house tools cover a wide range of functions, including trend analysis, data analytics, data mining, and continuous auditing. Additionally, we have implemented a Cloud-Based Audit Tool that centralizes audit planning, review, execution, and reporting, leading to:
Technology
In our risk-based internal audits, we leverage cutting-edge data analytics tools and control rating indices to evaluate and benchmark corporate governance processes and the control environment. We harness the power of Big Data Analytics to gain enhanced insights into the business.
To streamline our processes and minimize errors, we employ repeatable scripts, resulting in reduced man-hours and increased accuracy. We also conduct population-level analyses wherever applicable, ensuring a thorough and comprehensive examination.
Knowledge Database
Our extensive knowledge database, meticulously curated over four decades, encompasses a comprehensive repository of risks, compliance standards, and desired controls. This repository is consistently updated to align with the ever-evolving risk and control landscape, ensuring its relevance. It serves as a valuable resource, providing access to leading best practices spanning various industries.
Confindentiality
We maintain the highest level of data confidentiality through our proprietary tools, employing dedicated server storage for added security. Our in-house developed custom automation tools are designed to minimize manual effort and errors, enhancing efficiency. Additionally, we utilize specific Excel-based tools tailored for tasks such as identifying duplicates, inconsistencies, and discount claims, among others.
Corporate Governance Framework
We are committed to assisting companies in establishing strong governance and compliance practices. Our comprehensive services encompass the following:
1. Assisting companies in establishing an effective Whistle-Blower policy with:
- Direct access to the Audit Committee Chair
- Protection against victimization
- Internal disclosure and website disclosure of the Vigil Mechanism
2. Developing and testing systems for legal compliance.
3. Creating Audit Committee Charter.
4. Adhering to clause 49 of the listing agreement, including Audit Committee requirements.
5. Evaluating, reviewing, and testing internal controls and processes for Board certifications, including documentation.
6. Using control rating indices for governance and internal control assessment.
7. Crafting Business Code of Conduct and Financial Powers Delegation Document.
Our goal is to empower organizations with the tools and practices needed to foster transparency, compliance, and robust governance, ensuring their sustained success in today's complex business environment.
Enterprise Risk Management Framework
We develop Risk Management Frameworks to assist companies in identifying and addressing key risks across multiple domains, including strategic, operational, financial, reporting, legal, and regulatory. Our approach involves:
- Identifying and prioritizing risks.
- Developing strategies to minimize and control these risks.
At Mahajan & Aibara, we provide:
Our goal is to empower businesses to proactively manage risks, safeguard their operations, and thrive in an ever-changing business landscape.
Design Of Business Processes & Systems Architecture
We are your trusted partner in enhancing business efficiency and effectiveness. We specialize in optimizing operations by:
- Designing key business processes (BPD), business process re-engineering (BPR) and standard operating procedures (SOP).
- Reviewing existing practices to introduce best practices, resulting in increased efficiency, streamlined workflows, and improved management information systems (MIS) and customer satisfaction.
Our expertise spans various domains, including Inventory Management, Finance & Accounts, Buying Practices, Costing, Budgeting & MIS, Logistics & Distribution, Sales & Dispatches, Receiving, Project Management & Capital Expenditure, Retail Chains, Credit Control, Outsourcing, Imports & Exports, Branch Networks, and Delegation of Financial Powers, among others.
Our role encompasses:
Our goal is to empower businesses to operate at their peak efficiency by optimizing processes, defining roles and responsibilities, and ensuring seamless transitions to standardized future states. We strive to bridge gaps, enhance control, and drive continual improvement to achieve operational excellence.
Data Analytics
Our Data Analytics Services - where data transforms into insights, and decisions are powered by knowledge. In today's data-driven landscape, organizations seek to harness the full potential of their data to gain a competitive edge, make informed decisions, and drive innovation. Our Data Analytics Services are tailored to help businesses navigate this evolving landscape and extract actionable insights from their data treasure troves.
Our Data Analytics methodology is structured and results-driven, ensuring that data is transformed into valuable insights effectively. It encompasses the following key steps:
Our goal is to empower your organization with data-driven decision-making capabilities. Through our Data Analytics Services, we aim to:
- Unlock the hidden potential of your data, providing you with a competitive advantage.
- Enhance operational efficiency by identifying areas for improvement.
- Enable proactive decision-making through predictive analytics.
- Improve customer experiences and engagement.
- Support innovation and strategic planning.
With Mahajan & Aibara's Data Analytics Services, your data becomes a strategic asset, guiding your organization towards success in an increasingly data-centric world.
Internal Financial Controls (IFC / ICFR)
In today's complex business landscape, effective internal controls are essential. Our Internal Control Testing Services ensure process integrity, compliance, and reliability. We conduct rigorous testing, analyze thoroughly, and provide actionable insights to safeguard your operations and meet regulatory requirements. Using advanced data analytics tools and rating indices, we assess internal controls for alignment with business operations, benchmarking corporate governance processes, and providing actionable recommendations to enhance controls and address deficiencies.
Our Internal Control Testing methodology is a comprehensive and systematic approach aimed at assessing the effectiveness of your internal controls. It involves the following key steps:
Our goal is to provide you with confidence in the robustness of your internal controls. Through our Internal Control Testing Services, we aim to:
- Enhance the reliability of your financial reporting.
- Mitigate the risk of fraud, errors, and non-compliance.
- Optimize operational efficiency and effectiveness.
- Ensure alignment with regulatory requirements and industry best practices.
- Facilitate informed decision-making at all levels of your organization.
You can rest assured that your internal controls are not only in place but also effective in safeguarding your organization's assets and reputation.
SOX, GDPR, SEBI and Other Legal Compliances
Compliance is a strategic asset. In today's ever-evolving regulatory landscape, organizations face complex and stringent requirements across various domains. Our Compliance Services are tailored to help businesses navigate these challenges, ensuring they meet the highest standards of compliance while optimizing their operations.
Our Compliance Services methodology is founded on a structured and proactive approach to address regulatory requirements effectively. It encompasses the following key steps:
Our goal is to provide you with peace of mind regarding compliance while optimizing your business operations. Through our Compliance Services, we aim to:
- Ensure full adherence to regulatory requirements, reducing the risk of fines, penalties, and reputational damage.
- Enhance data protection and privacy standards to meet GDPR requirements.
- Streamline legal compliance processes for efficiency and effectiveness.
- Facilitate adherence to SEBI regulations, ensuring sound governance and investor protection.
You can confidently navigate the complex regulatory landscape, turning compliance into a competitive advantage and strategic asset for your organization.
